Pacific Ridge Closes First Tranche of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2009) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) - Pacific Ridge is pleased to announce that the first tranche of the non-brokered private placement of Flow-Through Units and Non-Flow-Through Units announced on July 24, 2009 and subsequently amended on August 24, 2009 has closed. The Company has received gross proceeds of $200,000 pursuant to the issuance of 1,000,000 Flow-Through Units priced at $0.20 per Unit and $120,000 pursuant to the issuance of 600,000 Non-Flow-Through Units priced at $0.20 per Unit. All of the securities issued are subject to hold periods expiring January 5, 2010. Finders Fees totaling $8,100 are payable in respect of the first tranche closing.

Each Flow-Through Unit is comprised of one flow-through share of the Company and one-half of one transferable warrant, each whole warrant (a "Warrant") entitling the holder to purchase one non-flow-through share of the Company at a price of $0.25 for 12 months. Each Non-Flow-Through Unit is comprised of one non-flow-through share of the Company and one-half of one Warrant.

The Company intends to use the gross proceeds from the sale of Flow-Through Units for Canadian Exploration Expenses ("CEE"), within the meaning of the Income Tax Act (Canada) ("ITA"), with the Company using its best efforts to ensure that such CEE qualify as a "flow-through mining expenditure" for the purpose of the ITA, related to the exploration of the Company's mineral exploration projects located in Yukon Territory, Canada. The CEE will qualify for the 15% Federal tax credit available to the individual resident anywhere in Canada. The Company expects to renounce such Canadian Exploration Expenses with an effective date of December 31, 2009.

Funds received by way of the first tranche closing brings the Company's working capital cash position to approximately $1,000,000.

Exploration of the Company's Klondike Kate mineral property holdings in the Yukon's South Klondike area is underway with results to be reported as received.

John S. Brock, President

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that Pacific Ridge Exploration Ltd. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding future exploration plans and expenditures. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions, including among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.